How to Use the Quickcheck App to Apply for a Loan

How to Use the Quickcheck App to Apply for a Loan. QuickCheck is a mobile finance platform that provides Nigerians with loans without the need for collateral. Their company evaluates applicants for loans using machine learning to determine their creditworthiness and makes a quick decision to accept or deny. Loan amounts for QuickCheck vary between 1,000 to 50,000 Naira, with durations ranging from 30 to 90 days for payback. QuickCheck loans have a monthly interest rate as low as 5%.

In order to be eligible for a QuickCheck loan, you need to be a citizen of Nigeria and hold a current passport or national ID card. Additionally, a mobile device with the QuickCheck app installed and a bank account are required.

Applying for a QuickCheck loan is a simple and quick process. To get started, just download the app, register, and enter some basic details about yourself, such as the amount you make, work status, and debts. After receiving your application, QuickCheck will evaluate your ability to repay loans in a matter of minutes using its machine-learning algorithms.

Within minutes of your application being accepted, the money will be transferred into your bank account. The money can then be used for anything you want, including starting your own company or paying for unforeseen emergencies or monthly obligations.

When necessary, QuickCheck loans can be a useful method of obtaining instant cash. But keep in mind that these loans have interest, so only take out loans that you are capable of paying back.

What Kinds Of Services Can QuickCheck Offer?

 A fintech company called QuickCheck is based in Nigeria and provides underprivileged customers with microloans. Each user’s credit profile is created using data science and an application for mobile devices, and machine learning is then used to quickly assess loan applications. Services offered by QuickCheck include:

• Microloans: QuickCheck provides 30-day microloans with a maximum amount of 10,000 Naira. There is no punishment for early repayment, and the interest rate is 10% each month.

 

• Instant Approval: QuickCheck offers a fully online loan application process with instant decision-making. This implies that you can obtain the necessary funds at the appropriate time.

 

• No Guarantor or Collateral: QuickCheck does not need any of these for its loans. This facilitates access to necessary financial services for even the most credit-challenged people.

 

• Simple to Use: It’s easy to set up and operate the QuickCheck app. Using your smartphone, you can conveniently apply for a loan, manage your account, and keep track of your payments.

How Can I Apply For A QuickCheck Loan?

1. Get the QuickCheck app through the Apple App Store or Google Play Store.
2. Register for an account and provide your contact information, including your name, phone number, email address, and BVN.
3. Enter the loan amount and period when submitting an application for a loan.
4. QuickCheck will evaluate your credit report and tell you whether you can afford the loan.
5. The money will be transferred into your bank account in a matter of minutes if you are authorized.

What Are The Requirements For Obtaining A QuickCheck Loan?

To qualify, you must:

• Be a working adult in Nigeria with a good credit score
• Have access to a smartphone and data
• Provide your bank account details
• Provide your bank verification number (BVN)
• Provide your personal details, including name, phone number, address, and email address
• Provide your employment information (self-employed individuals may apply); and ensure that the loan request does not exceed thirty percent of your income.

Upon applying for a QuickCheck loan, you won’t need to submit any paperwork. But, you will need to answer all of the questions honestly; if you provide any false information, you won’t be allowed to access any QuickCheck loans.

Your credit score and repayment background will determine how much you can borrow; as a new user, you can only borrow ₦10,000 for a 30-day loan; as you repay your loan on time, you can borrow more; early repayment ensures lower interest rates. Loan terms range from 4 weeks to a year.

What Is The Interest Rate On The QuickCheck Loan?

The interest rates for QuickCheck loans range from 2% to 30%, which translates to an equal monthly interest rate of 1% to 21%. The credit score you have and other variables will determine the exact rate of interest that you are offered.

The interest rate on the QuickCheck loan is as follows:

• Initial credit: 5% monthly

• Good credit: 10%–15% monthly

• Fair credit: 15%–25% monthly

• Poor credit: 20–30% monthly

It is significant to remember that when compared to other lenders, QuickCheck’s interest rates are comparatively high. They do, however, provide a speedy application and approval process for loans, which for some borrowers may outweigh the higher interest rate.

When comparing QuickCheck’s interest rates to those of other lenders, keep the following things in mind:

• Loan Amount: QuickCheck normally offers loans between N10,000 and N50,000, which is a modest amount. As a result, you will pay less interest overall than you would if you obtained a greater loan amount from a conventional lender.
• Loan Duration: QuickCheck offers loans with comparatively brief durations, usually between one and three months. As a result of the loan being repaid sooner, you are going to pay less interest overall.
• Early Loan Repayment: This can save you money because QuickCheck does not impose fines for early repayment.

In the end, comparing QuickCheck’s interest rates to those of other lenders and taking into account your unique financial circumstances are the best ways to determine if this loan is good for you.

Conclusion

Nigerian citizens can apply for loans easily and conveniently with the QuickCheck app. It offers a hassle-free method of obtaining funds with its easy-to-use and simple application process.

On Android smartphones running Android 5.0 or higher, users can download the app for free and apply for loans up to NGN50,000 instantly if they have a Facebook account. Even though loans have a 10% monthly interest rate, the 30-day repayment term makes sure that borrowers can pay back their debts on time.